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Technology Stocks : Altaba Inc. (formerly Yahoo)
AABA 19.630.0%Nov 6 4:00 PM EST
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To: David Smith who wrote (7566)2/22/1998 3:01:00 AM
From: Don Earl  Read Replies (1) of 27307
 
Hi Christopher,

MMs can and do move stock among themselves. Particularly when insiders are trying to unload stock. Insiders are limited to selling a percentage of the weekly volume. Bringing the volume up allows insiders to sell more stock in a shorter period of time.

Obviously the blocks larger than 1K shares are not SOES trades. SOES is limited to 1000 shares and under. The time limit you mentioned is five minutes and applies to the trader. The trader can execute up to 1000 shares of the same stock, at market, in each direction, in a five minute period. If you want to jump on a quick move, SOES is about as fast as it gets.

I watch the ticks 7 1/2 hours a day and have yet to see any of those million dollar trades move the market. For one thing it's nearly impossible to tell if it was a buy or a sell. It can also be option related, as I already mentioned. The options are exercised. The stock changes hands. The trade is reported. It doesn't mean anything. It's when the 1K blocks start hitting back to back on the bid or ask that the price starts to move. Since Select Net orders can be placed between the spread, it's more likely that the 1K trades going across at market are SOES trades. No doubt some of them are larger orders being broken up. I watch the big trades but I don't put much value on them. It's the $50K-$100K orders that move the short term trends.

I guess the only thing we agree on is that Level ll isn't as useful as some folks would have you believe. After trying it for awhile, I went back to level l. Less distracting.

Regards,

Don
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